China trade tumbles in May, adding to signs economic recovery is slowing
China’s exports fell 7.5% from a year earlier in May and imports were down 4.5%, adding to signs an economic recovery is slowing
BEIJING (AP) — China’s exports fell 7.5% from a year ago in May and imports were down 4.5%, adding to signs an economic recovery is slowing.
Exports slid to $283.5 billion, reversing from April’s unexpectedly strong 8.5% growth, customs data showed Wednesday. Imports fell to $217.7 billion, moderating from the previous month’s 7.9% contraction.
Trade weakness adds to signs of a slowing of China’s rebound following the December lifting of anti-virus controls that disrupted travel and commerce.
Retail spending is weaker than expected as consumers worry about the economic outlook and possible job losses. Manufacturing activity has been contracting as interest rate hikes in the United States and Europe chill demand for exports.
Forecasters say the peak of the recovery has passed after economic growth accelerated to 4.5% over a year earlier in the three months ending in March from the previous quarter’s 2.9%. That is below the ruling Communist Party’s official target of “around 5%” for the year.
